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Always a two-tier organization, the differences between Opec’s haves and have nots is growing.
Nevertheless, Opec Secretary General Mohammad Barkindo appeared happy with the day’s work. Having given the post-meeting press conference a thumbs up upon his entrance, he proceeded to label 22 June as “one of those landmark conferences.”
Curiously, much anticipated resistance from Iran appears to have dissipated during the 22 June meeting. Iran and Venezuela look to be the biggest losers from the agreement, with the imposition of fresh US sanctions on each likely to push their output down.
Meanwhile Saudi Arabia, the UAE and Kuwait appear the only Opec members capable of increasing production substantially. They will be joined in increasing production by non-member Russia following the non-Opec meeting on 23 June.
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